Thomas Edward Perez

COLUMBUS, Ohio — More than 4 million U.S. workers will become newly eligible for overtime pay under rules issued Wednesday by the Obama administration.

The rule seeks to bolster overtime protections that have been eroded in recent decades by inflation. A diminishing proportion of workers have benefited from overtime regulations, which date to the 1930s and require employers to pay 1½ times a worker's wage for work that exceeds 40 hours a week.

Vice President Joe Biden announced the changes at Jeni's Splendid Ice Creams in Columbus, Ohio.

In the fast food and retail industries in particular, many employees are deemed managers, work long hours but are paid a...

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